bleuacacia, a blank check company targeting businesses that engage with millennial and Gen-Z consumers, lowered the proposed deal size for its upcoming IPO on Friday.
The New York, NY-based company now plans to raise $200 million by offering 20 million units at $10 per unit, with each unit containing one-half of a warrant, exercisable at $11.50, and one-sixteenth of a right to purchase one share of common stock upon the completion of an initial business combination. The company had previously filed to offer 30 million units at $10 per unit, with each unit containing one-third of a warrant and no rights. At the revised deal size, bleuacacia will raise 33% less in proceeds than previously anticipated and command a market value of $250 million.
The company is led by co-CEO and co-Chairman Jide Zeitlin, former CEO and Chairman of luxury global retailer Tapestry (NYSE: TPR), and co-CEO and co-Chairman Lew Frankfort, former CEO and Chairman of Coach, the predecessor to Tapestry. The company aims to leverage management's experience to target businesses and brands with powerful emotional engagement with Millennial and Gen-Z consumers.
bleuacacia was founded in 2021 and booked plans to list on the NYSE under the symbol BLEU.U. Credit Suisse, and Citi are the joint bookrunners on the deal
